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Fed's Brainard delivers sharp rebuke of CRA revamp plan
Wednesday, January 22, 2020 in Press
Fed's Brainard delivers sharp rebuke of CRA revamp plan
A Federal Reserve governor on Wednesday issued a rebuke of several key elements of a new proposal to overhaul enforcement of the Community Reinvestment Act, though she stopped short of criticizing its authors — the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency — by name.
Overall, Federal Reserve Governor Lael Brainard suggested regulators need to take their time in revamping CRA and not rush into changes without proper analysis.
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Effective immediately, the Government Finance Officers Association (GFOA) is asking all industry affiliates to immediately stop using the common four-letter acronym most often associated with the Comprehensive Annual Financial Report. Instead, GFOA recommends referring to the report by either the full name or by using a shortened format that does not include the four-letter acronym. For instance, the “Annual Report” would be acceptable.
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